The lake was misspelled as Vasuix Lake on Joseph Trutch's maps from 1866 and 1871. For many years the name was later spelled Vaseaux Lake; in 1945 the Geographic Board of BC corrected the official name to its present form.
The town of Okanagan Falls is to the north, and the town of Oliver is to the south. The lake lies to the west of Mount Keogan, while British Columbia Highway 97 runs alongside the east shore of the lake, and has a sharp hairpin turn at the Vaseaux Lake Rock Cut which has been the scene of many accidents and deaths. McIntyre Bluff, Vaseux Creek and the associated alluvial fan are to the south; however, it does not flow into Vaseux Lake. Both the north and south ends of the lake are shallow; there is an oval-shaped depression in the center where the lake reaches its maximum depth. The largest island on the lake is Hatfield Island. The lake stage is controlled by McIntyre Dam.